BUY TO LET MORTGAGE ADVICE FOR CARDIFF/CATHAYS/ROATH/ SPLOTT

Obtaining BTL mortgages in Cardiff can be a simple affair requiring a 25% deposit and a reasonable rental margin. There are other options

BM Solutions have just changed their rental criteria (March 2013) and will now take up to 5 students on one AST and include DSS tenants. Coventry will lend on 4 students on one AST, though there cannot be individual locks on bedroom doors.

If you require a reduced deposit Kent Reliance will lend with just a 15% deposit but you are paying a premium on the interest rate.

Most lenders require a minimum personal income of £25,000. The Mortgage Works has no minimum income requirement and will lend to age 90.

When looking to lend on a HMO the choice is more limited. The introduction of additional licensing in Cathay’s by Cardiff Council has made the lack of choice starker. The usual lenders are Paragon, Monmouthshire Building Society, Leeds, Shawbrook and Aldermore. SPV mortgages on HMO's are available.

An unusual feature of Paragon and Shawbrook are they will accept remortgages before six months at open market value if evidence of improvements can be proved.